NEW YORK, April 10 (Xinhua) — U.S. stocks ended mixed on Monday as higher Treasury yield dampened the tech sector.
The major indexes rebounded from lows in the opening as investors came back from holiday weekend and digested U.S. non-farm payroll data issued last Friday.
The yield of the 2-year Treasury note gained 5 basis points and closed at 4.016 percent on Monday, which weighed on the tech shares.
The U.S. non-farm sector added 236,000 jobs in March, lower than market expectation of 240,000 while the number of new non-farm jobs was revised to 326,000 from 311,000, according to data issued by the Department of Labor.
Notably, the U.S. unemployment rate dipped to 3.5 percent in March from 3.6 percent in the previous month.
The key takeaway from the non-farm payroll report is the labor market is slowly softening but not quickly enough for the Federal Reserve to keep rates on hold, said Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.
The S&P 500 Index rebounded from session lows as traders used the pullback as an opportunity to increase their long positions, said Vladimir Zernov, analyst with market information supplier FX Empire on Monday.
The Dow Jones Industrial Average increased 101.23 points, or 0.30 percent, to 33,586.52. The S&P 500 was up 4.09 points, or 0.10 percent, to 4,109.11. The Nasdaq Composite Index decreased 3.60 points, or 0.03 percent, to 12,084.36.
Six of the 11 primary S&P 500 sectors ended in green, with industrial and energy sectors in the lead up 0.9 percent and 0.65 percent, respectively. Meanwhile, the communications and utilities sectors saw the biggest decrease, down 0.69 percent and 0.2 percent, respectively.
U.S. stocks are weakening as investors are anticipating the next inflation report will seal the deal for another quarter-point rate hike by the Fed, Moya said.
The United States is scheduled to issue the latest consumer price index and producer price index for March on Wednesday and Thursday, respectively.
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